#GoodReads – Nest Eggs For Snowbirds
The New Nest Egg For Snowbirds
via Canadian Real Estate Magazine.
“A snowbird is a colloquial term to describe North Americans who flee cold winters for destinations of warmth and sunshine. These southbound citizens tend to have extended stays in the sun and sea by being gone months at a time. Popular destinations for these sojourns are the southern USA, countries like Greece and Portugal, and the fan favourite, Turks and Caicos Island.
An increasing trend is people purchasing property in sun-soaked locales as secondary homes in full-service residential resorts in place of a typical resort location vacation. The trend builds on people getting all the pleasure and sunshine of a resort vacation but they also get the equity of owning real estate. There are several types of ownership: Traditional ownership, timeshare ownership, fractional ownership, and travel club.
Traditional ownership is the most costly of the options as the purchasers are responsible for the full purchase price of the property, but also enjoy the benefits of not having all one’s eggs in the same basket. There are some financing options available, but they are not as plentiful and potentially not as competitive as traditional residential resale financing options. As mentioned above, this is the costliest option but it’s also the most autonomous one. The traditional-ownership style allows people to govern their vacation property in the same manner that they do their primary residence home, but when you invest in a residential resort setting you also enjoy your vacation home away from home on a turnkey hassle-free basis where everything is taken care of. It’s like being on vacation in your vacation home where everything is taken care of for your turnkey hassle-free.
Timeshare ownership is one in which several people share the ownership of a resort or vacation property according to a set week, season, or point system. The privilege exists at a specific home resort that they may visit annually, biannually, or biennially with the same unit type and amenities is granted to guests with a fixed week or season ownership. As a result, a timeshare is an excellent choice for families who prefer taking a typical vacation to their preferred destination.
Fractional ownership has become the epitome of luxury. The reason for this is that fractional ownership properties have a much higher cost and are usually only available at high-end resorts and residence clubs in world-renowned locations. What you are buying when you purchase fractional vacation ownership is a piece of real estate. These houses, also known as “fractional vacation home ownership,” are opulent private homes that several individual owners jointly hold. As a result, fractional ownership properties maintain a high level of value within the real estate market.
For individuals seeking an inexpensive vacation, travel clubs present travellers with a fantastic option. Owners of travel clubs enjoy discounted access to a wide range of lodging options, tourist sites, services, and amenities. A travel club is, in a sense, a pre-paid travel business that offers vacation package bargains. Cheap travel insurance is another perk provided by travel clubs…”
To read the full article, click here.
